State's Approval Represents a Major Milestone For New Continuing Care Retirement Community To Be Built on 59-Acre Site in Briarcliff Manor, NY
BRIARCLIFF MANOR, N.Y., May 19 /PRNewswire/ -- The Club at Briarcliff Manor, a new fee-for-service Continuing Care Retirement Community (CCRC), announced today that it has received a Certificate of Authority from the New York State Department of Health.
The Certificate of Authority, which was unanimously approved by the State Continuing Care Retirement Community Council, represents a major milestone for the $300 million development and culminates a nearly two-year intensive licensure application process. The Club at Briarcliff Manor is only the 14th CCRC in New York State to have received state approval.
"We are delighted to have achieved this important milestone in the development of this exciting new community. This is a major step forward for our project which will redefine the concept of luxury retirement living in this region," said Matthew K. Phillips, President and Chief Executive Officer of Integrated Development Group, the developer of The Club at Briarcliff Manor.
Mr. Phillips said the State's issuance of the Certificate of Authority is significant on several levels. "This approval shows that our ownership group has met the State's standards for experience and competency. It also demonstrates that our projected development costs and financing structure satisfy the State's feasibility requirements," he said.
Integrated Development Group, a full service real estate development company focused exclusively on developing luxury senior living communities, is developing The Club in a joint venture with National Electrical Benefit Fund, a Washington D.C. based pension fund with over $10 billion in assets.
Located on a 59-acre wooded site with views of the Hudson River, The Club at Bri
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